Source:
https://www.podbean.com/eau/pb-ih897-1a84cc2
Join us on The Crypto Podcast as we delve into the intricate world of digital payments with industry veteran Joe Zahaitis. With over 30 years of experience in credit card processing, Joe brings a unique perspective to the evolving landscape of cryptocurrency. In this episode, he shares his journey from a crypto skeptic to a dabbler, exploring the philosophical challenges and exciting potential of digital assets as a payment vehicle. We discuss the current challenges of crypto exchanges, the hidden fees in traditional merchant processing, and the urgent need for simplification in the crypto transaction process. Joe also offers invaluable advice for merchants on vetting payment providers and understanding their effective rates. Tune in for a candid conversation that demystifies crypto payments and offers a glimpse into the future of finance.
What we Discussed:
0:00 Welcome & Introduction0:37 Joe's 30-Year Career in Payments1:35 The Crypto Journey: Skeptic to Dabbler2:58 Crypto as a Payment Vehicle3:51 The 'Kludgy' Reality of Exchanges5:29 Crypto as a Cash Transaction8:04 Platform Fraud & Spammers9:02 The Rise of 'Friendly Fraud'10:08 Identity Fraud in Digital Assets11:41 NFTs and Utility Scams13:22 Fraud at the Speed of Electrons14:05 Synthetic Identity Fraud14:35 Card Brands' Toehold in the Market15:21 The Responsibility Gap in Fraud25:00 The Cost of Small Transactions25:34 Per-Item vs. Percentage Fees26:52 Mitigating Low-Ticket Costs28:02 Consumer Protection & Velocity Checking29:26 Real-Life Fraud Example: Apple Store Chicago31:12 PIN vs. Signature Security32:02 Saving vs. Credit Culture41:48 Joe's 'Big Bold Statement' on Banking42:22 The Exchange Monopoly43:11 The Potential for 0.1% Fees43:52 Simplifying Global Remittances44:34 Currency Complexity & Stablecoins45:52 The Legitimacy of the Ledger46:42 Dues and Assessments47:22 The 'Trading Places' Analogy48:19 Crypto ATMs Explained49:34 The Mad Dash to the Bottom50:21 The Wild West: Betamax vs. VHS51:00 The 'Fog' of Relevancy52:08 Blocking Innovation: Stripe & New Businesses53:36 Stripe's $250 Minimum Withdrawal54:19 Overnight Investment & The Float54:50 FX Trading & The 'Black Box'55:56 Joe's New Podcast: 'Hard Currency'56:58 Where to Find Joe: Zaidis.com57:33 Contacting Joe's Admin: Julie57:51 Outro & Closing Remarks
How to Contact Joe Zahaitis :
https://www.zahaitis.com/
https://www.facebook.com/jzahaitis
https://x.com/jzahaitis
https://www.instagram.com/jzahaitis/
https://www.linkedin.com/in/joezahaitis/
All about Roy / Brain Gym & Virtual Assistants athttps://roycoughlan.com/
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